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Questions and Answers of Accounting

Comparative income statements of Stu Corporation for the calendar years 2011, 2012, and 2013 are as follows (in thousands): ADDITIONAL INFORMATION1. Stu was a 75 percent-owned subsidiary of Pli
Pan Corporation acquired 100 percent of Sal Corporation's outstanding voting common stock on January 1, 2011, for $660,000 cash. Sal's stockholders' equity on this date consisted of $300,000 capital
Pay Corporation acquired a 75 percent interest in Sue Corporation for $600,000 on January 1, 2011, when Sue's equity consisted of $300,000 capital stock and $100,000 retained earnings. The fair
Pol Corporation purchased a 90 percent interest in San Corporation on December 31, 2010, for $2,700,000 cash, when San had capital stock of $2,000,000 and retained earnings of $500,000. All San's
Pan Corporation acquired 100 percent of Sal Corporation's outstanding voting common stock on January 1, 2011, for $660,000 cash. Sal's stockholders' equity on this date consisted of $300,000 capital
What is the objective of eliminating the effects of intercompany sales of plant assets in preparing consolidated financial statements?
In accounting for unrealized profits and losses from intercompany sales of plant assets, does it make any difference if the parent is the purchaser or the seller? Would your answer be different if
When are unrealized gains and losses from intercompany sales of land realized from the viewpoint of the selling affiliate?
How is the computation of noncontrolling interest share affected by downstream sales of land? By upstream sales of land?
Consolidation workpaper entries are made to eliminate 100 percent of the unrealized profit from the land account in downstream sales of land. Is 100 percent also eliminated for upstream sales of land?
How are unrealized gains and losses from intercompany transactions involving depreciable assets eventually realized?
Describe the computation of noncontrolling interest share in the year of an upstream sale of depreciable plant assets.
How does a parent eliminate the effects of unrealized gains on intercompany sales of plant assets under the equity method?
What is the effect of intercompany sales of plant assets on parent and consolidated net income in years subsequent to the year of sale?
Explain the sequence of workpaper adjustments and eliminations for unrealized gains and losses on depreciable plant assets. Is your answer affected by whether the intercompany transaction occurred in
Use the following information in answering questions 1 and 2: Par Company sells land with a book value of $5,000 to Sub Company for $6,000 in 2011. Sub Company holds the land during 2012. Sub Company
Sam Corporation is a 90 percent-owned subsidiary of Par Corporation, acquired by Par in 2011. During 2014 Par sells land to Sam for $50,000 for which it paid $25,000. Sam owns this land at December
Sir Corporation is a 90 percent-owned subsidiary of Pit Corporation, acquired several years ago at book value equal to fair value. For 2011 and 2012, Pit and Sir report the following: The only
Sal is a 90 percent-owned subsidiary of Pig Corporation, acquired at book value several years ago. Comparative separate-company income statements for the affiliates for 2011 are as follows: On
1. On January 1, 2011, Pan Company sold equipment to its wholly-owned subsidiary, Sun Company, for $1,800,000. The equipment cost Pan $2,000,000. Accumulated depreciation at the time of sale was
1. Son Corporation is an 80 percent-owned subsidiary of Pin Corporation. In 2011, Son sold land that cost $15,000 to Pin for $25,000. Pin held the land for eight years before reselling it in 2019 to
A summary of the separate income of Pod Corporation and the net income of its 75 percent-owned subsidiary, Sev Corporation, for 2011 is as follows: Sev Corporation sold machinery with a book value
Pep Corporation owns 40 percent of the outstanding voting stock of Sat Corporation, acquired for $100,000 on July 1, 2011, when Sat’s common stockholders’ equity was $200,000. The excess of
Pan Corporation has an 80 percent interest in Sip Corporation, its only subsidiary. The 80 percent interest was acquired on July 1, 2011, for $400,000, at which time Sip's equity consisted of
Ped Industries manufactures heavy equipment used in construction and excavation. On January 3, 2011, Ped sold a piece of equipment from its inventory that cost $180,000 to its 60 percent-owned
Income data from the records of Par Corporation and Sum Corporation, Par's 80 percent-owned subsidiary, for 2011 through 2014 follow (in thousands): Par acquired its interest in Sum on January 1,
The separate income statements of Pea Corporation and its 90 percent-owned subsidiary, Sea Corporation, for 2011 are summarized as follows (in thousands): Investigation reveals that the effects of
Sim Corporation, a 90 percent-owned subsidiary of Pal Corporation, was acquired on January 1, 2011, at a price of $45,000 in excess of underlying book value. The excess was due to goodwill. Separate
Pal Corporation acquired a 90 percent interest in Sor Corporation on January 1, 2011, for $270,000, at which time Sor's capital stock and retained earnings were $150,000 and $90,000, respectively.
Par Corporation acquired a 90 percent interest in Sag Corporation's outstanding voting common stock on January 1, 2011, for $630,000 cash. The stockholders' equity of Sag on this date consisted of
Pal Corporation acquired a 90 percent interest in Sto Corporation on January 1, 2011, for $270,000, at which time Sto's capital stock and retained earnings were $150,000 and $90,000, respectively.
Financial statements for Pil and San Corporations for 2011 are as follows (in thousands): ADDITIONAL INFORMATION1. Pil acquired an 80 percent interest in San on January 2, 2009, for $290,000, when
Pot Corporation acquired all the outstanding stock of Ski Corporation on April 1, 2011, for $15,000,000, when Ski's stockholders' equity consisted of $5,000,000 capital stock and $2,000,000 retained
Pic Corporation acquired an 80 percent interest in Sic Company on January 1, 2011, for $136,000, when Sic's capital stock and retained earnings were $100,000 and $70,000, respectively. At the
Par Corporation acquired an 80 percent interest in Sin Corporation on January 1, 2011, for $108,000 cash, when Sin's capital stock was $100,000 and retained earnings were $10,000. The difference
Financial statements for Pal and Sun Corporations for 2011 are as follows (in thousands):ADDITIONAL INFORMATION1. Pal acquired an 80 percent interest in Sun on January 2, 2009, for $290,000, when
Separate company and consolidated financial statements for Pop Corporation and its only subsidiary, Sal Corporation, for 2012 are summarized here. Pop acquired its interest in Sal on January 1,
What reciprocal accounts arise when one company borrows from an affiliate?
Do direct lending and borrowing transactions between affiliates give rise to unrealized gains or losses? To unrecognized gains or losses?
What are constructive gains and losses? Describe a transaction having a constructive gain.
A company has a $1,000,000 bond issue outstanding with unamortized premium of $10,000 and unamortized issuance cost of $5,300. What is the book value of its liability? If an affiliate purchases half
Compare a constructive gain on intercompany bonds with an unrealized gain on the intercompany sale of land.
Describe the process by which constructive gains on intercompany bonds are realized and recognized on the books of the affiliates. Does recognition of a constructive gain in consolidated financial
If a subsidiary purchases parent bonds at a price in excess of recorded book value, is the gain or loss attributed to the parent or the subsidiary? Explain.
The following information related to intercompany bond holdings was taken from the adjusted trial balances of a parent and its 90 percent-owned subsidiary four years before the bond issue
Prepare a journal entry (or entries) to account for the parent’s investment income for the current year if the reported income of its 80 percent-owned subsidiary is $50,000 and the consolidated
Calculate the parent’s income from its 75 percent-owned subsidiary if the reported net income of the subsidiary for the period is $100,000 and the consolidated entity has a constructive loss of
If a parent reports interest expense of $4,300 with respect to bonds held intercompany and the subsidiary reports interest income of $4,500 for the same bonds, (a) Was there a constructive gain or
1. Which of the following is not a characteristic of a constructive retirement of bonds from an intercompany bond transaction?a. Bonds are retired for consolidated statement purposes only.b. The
Sow Corporation is a 70 percent-owned subsidiary of Pan Corporation. On January 2, 2011, Sow purchased $600,000 par of Pan’s $900,000 outstanding bonds for $602,000 in the bond market. Pan’s
Pal Corporation’s long-term debt on January 1, 2011, consists of $400,000 par value of 10 percent bonds payable due on January 1, 2015, with an unamortized discount of $8,000. On January 2, 2011,
Pat Company acquired an 80 percent interest in Sal Company on January 1, 2011, for $400,000 in excess of book value and fair value. On January 1, 2014, Pat had $1,000,000 par, 8 percent bonds
Comparative income statements for Pim Corporation and its 100 percent-owned subsidiary, Sad Corporation, for the year ended December 31, 2019, are summarized as follows: Pim purchased its interest
Pat Corporation owns a 70 percent interest in Son Corporation acquired several years ago at book value equal to fair value. On January 1, 2011, Son had outstanding $1,000,000 of 9 percent bonds with
Comparative balance sheets of Pit and Sal Corporations at December 31, 2011, follow: Pit acquired 80 percent of Sal's capital stock for $1,660,000 on January 1, 2009, when Sal's capital stock was
The consolidated balance sheet of Par Corporation and Say (its 80 percent-owned subsidiary) at December 31, 2011, includes the following items related to an 8 percent, $1,000,000 outstanding bond
The balance sheets of Pin and Sid Corporations, an 80 percent-owned subsidiary of Pin, at December 31, 2011, are as follows (in thousands): The book value of Pin's bonds reflects a $100,000
Pad Corporation has $2,000,000 of 12 percent bonds outstanding on December 31, 2011, with unamortized premium of $60,000. These bonds pay interest semiannually on July 1 and January 1 and mature on
Comparative income statements for Par Corporation and its 80 percent-owned subsidiary, Saw Corporation, for the year ended December 31, 2012, are summarized as follows: Par purchased its 80 percent
Pub Corporation, which owns an 80 percent interest in Sap Corporation, purchases $100,000 of Sap's 8 percent bonds at 106 on July 2, 2011. The bonds pay interest on January 1 and July 1 and mature on
Pap Corporation acquired an 80 percent interest in Son Corporation at book value equal to fair value on January 1, 2012, at which time Son’s capital stock and retained earnings were $100,000 and
Partial adjusted trial balances for Pan Corporation and its 90 percent-owned subsidiary, Son Corporation, for the year ended December 31, 2011, are as follows: Son Corporation acquired $50,000 par
Intercompany transactions between Pew Corporation and Sat Corporation, its 80 percent-owned subsidiary, from January 2011, when Pew acquired its controlling interest, to December 31, 2014, are
Financial statements for Pad Corporation and its 75 percent-owned subsidiary, Sum Corporation, for 2011 are summarized as follows (in thousands): Pad acquired its interest in Sum at book value
Pet Corporation acquired an 80 percent interest in She Corporation on January 1, 2011, for $320,000, at which time She had capital stock of $200,000 outstanding and retained earnings of $100,000. The
Selected amounts from the separate unconsolidated financial statements of Poe Corporation and its 90 percent-owned subsidiary, Saw Company, at December 31, 2011, are as follows. ADDITIONAL
Financial statements for Par Corporation and its 75 percent-owned subsidiary, Sal Corporation, for 2012 are summarized as follows (in thousands): Par Corporation acquired its interest in Sal at
How are enterprise and internal service funds similar? How are they different?
Cite some governmental operations that might be accounted for through an internal service fund.
What fund financial statements are needed for an enterprise fund to meet the requirements for fair presentation in accordance with GAAP? Which government-wide statements include enterprise fund data?
Which fund financial statements include internal service fund data? Which government-wide statements include internal service fund data?
How does the presentation of an enterprise major fund differ from the presentation of an internal service major fund?
Because proprietary funds are accounted for in much the same manner as commercial business organizations, is it appropriate for FASB pronouncements to be used for their accounting?
Why is it important for internal service funds to differentiate between revenues generated by inter-fund transactions and transactions with external parties?
What fund types are included in the fiduciary fund category? Where are they reported in the financial statements?
How might an internal service fund be financed initially? How will the financing appear in the fund financial statements?
How does a private-purpose trust fund differ from a permanent fund?
How many columns (not including total columns) are needed for a government-wide statement of net assets of a governmental unit with a general fund, two special revenue funds, three internal service
Do governmental financial statements indicate whether a pension plan is fully funded? Explain.
How might the enterprise fund amounts on the proprietary fund statement of net assets differ from the amounts reported as “business-type activities” on the government-wide statement of net assets?
1. Internal service funds are reported:a. With governmental funds on the fund financial statementsb. With governmental funds on the government-wide statement of net assetsc. With proprietary funds on
1. The billings for transportation services provided to other governmental units are recorded by the internal service fund as:a. Interfund exchangesb. Intergovernmental transfersc. Transportation
1. Charges for services are a major source of revenue for:a. A debt service fundb. A trust fundc. An enterprise fundd. A capital projects fund2. A city provides initial financing for its enterprise
1. Fiduciary funds include four different types of funds. Which of the following is not one of these types?a. Agency fundsb. Tax collection fundsc. Private-purpose trust fundsd. Pension trust funds2.
1. The following revenues were among those reported by Arvida Township in 2012:Net rental revenue (after depreciation) from......... $ 40,000a parking garage owned by ArvidaInterest earned on
The City of Laramee established a tax agency fund to collect property taxes for the City of Laramee, Bloomer County, and Bloomer School District. Total tax levies of the three governmental units were
Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these transactions should be reported in the enterprise fund’s financial
For each of the following events or transactions, identify the fund or funds that will be affected.1. A governmental unit operates a municipal pool. Costs are intended to be recovered primarily from
For each of the following events or transactions, prepare the necessary journal entry or entries and identify the fund or funds that will be affected.1. A governmental unit collects fees totaling
Note how each of the following transactions affects (a) Net assets invested in capital assets, net of related debt,(b) Restricted net assets, and (c) Unrestricted net assets. (Record N/A if there is
The City of Thomasville established an internal service fund to provide printing services to all city offices and departments. The following transactions related to the fund took place in 2011:1. On
The following transactions relate to the Fiedler County Utility Plant, a newly established municipal facility financed with debt secured solely by net revenue from fees and charges to external
Comparative adjusted trial balances for the motor pool of Douwe County at June 30, 2011, and June 30, 2012, are as follows: REQUIREDPrepare fund financial statements for the motor pool for the
On January 1, 2011, J. G. Monee created a student aid trust fund to which he donated a building valued at $400,000 (his cost was $250,000), bonds having a market value of $500,000, and $100,000 cash.
On July 1, 2011, Duchy County receives a $500,000 contribution from the local chapter of Homeless No More. A trust agreement specifying that the income from the contribution be distributed each May
The City of Meringen operates a central garage through an internal service fund to provide garage space and repairs for all city-owned and -operated vehicles. The central garage fund was established
Caleb County had a beginning cash balance in its enterprise fund of $714,525. During the year, the following transactions affecting cash flows occurred:1. Acquired equity investments totaling
1. Sam Corporation has 100,000 outstanding shares of $10 par common stock and 5,000 outstanding shares of $100 par, cumulative, 10 percent preferred stock. Sam’s net income for the year is
Refer to the information in question 1. Assume that Sam pays two years’ preferred dividend requirements during the current year. Would this affect your computation of Par’s investment income for
How should preferred stock of a subsidiary be shown in a consolidated balance sheet in each case?(a) If it is held 100 percent by the parent(b) If it is held 50 percent by the parent and 50 percent

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